Pioneer Insurance posts lower profit in 2022

Pioneer Insurance Company Ltd posted a 12 per cent year-on-year decline in profit to Tk 51.57 crore in the financial year that ended on December 31.

Its profit stood at Tk 58.68 crore in the previous financial year of 2021.

Thus, the insurer reported earnings per share of Tk 6.09 for 2022 compared to Tk 6.93 (restated) in 2021.

A restatement is an act of revising one or more of a company's previous financial statements to correct an error.

The net asset value per share of Pioneer Insurance rose to Tk 46.88 in 2022 from Tk 44.23 (restated) in 2021, while the net operating cash flow per share slipped to Tk 7.57 from Tk 7.86 (restated) during the period.

The board of directors recommended a 25 per cent cash and a 5 per cent stock dividend for 2022.